Expert: liznarr - 9/9/2007

Question
I am a realtor in NC. An owner (of a house) that I know will be filing for bankruptcy on Wednesday. They will sell me the house for the amount of their current mortgage plus a small premium (it’s a good deal). If I write a contract before they file Chapter 11, am I “protected” once they enter Chapter 11 (on Wednesday).



How long would I have before I need to close (We would plan to close in about 60 days from now)?



Could I include a loan contingency or even a “home sale contingency (of my current home).



Any help would be greatly appreciated, thanks!


Answer
Justin, Hi

I am no expert on bankruptcy.  I think your question would be better directed to an attorney since yours appears to be a legal question.

Sorry I couldn’t help you, but I do not know the answers to questions you posed.  You might be able to research this topic online.

Good luck to you.

Regards,
Elizabeth